Gold Futures: Extra gains on the table

Pablo Piovano FXStreet

Traders added nearly 8K contracts to their open interest positions in gold futures markets at the beginning of the week, according to preliminary readings from CME Group. Volume, instead, extended the downtrend and dropped by around 21.3K contracts.

Gold still targets the $1,880 mark

Monday’s positive price action in gold was amidst rising open interest, which remains supportive of extra gains in the very near-term. Against this, the precious metal still targets the 100-day SMA in the $1,880 level per ounce in the short-term horizon.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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